[ Manila Bulletin Online ] July 23, 2008
By BERNIE CAHILES-MAGKILAT
ACI Group of Companies is investing over P1 billion for the construction of a 35-storey condominium building in Makati as it pursues development of its prime properties in the metropolis to take advantage of the booming property sector.
Henry Lieuson, vice-president of ACI Group, said at the launch of the One Pacific Place development the project would be funded through internally-generated funds and bank loans.
Principal owner of ACI Group is Ben Cu-uy-gam, who has business interests in steel manufacturing sector. Aside from its three lots in Salcedo Village, the group has a huge land bank in prime areas in Malate, Adriatico and Ortigas.
Lieuson said that One Pacific Place would be constructed on a 1,425 square meter lot in Salcedo Village, which has a zonal value of P150,000 per square meter.
One Pacific Place, which hired the services of Architect Albert Yu, would be comprised of 550 units of which 60 percent are studio types at 22.5 square to 24 square meter each unit at a pre-selling price of P1.98 million.
The one-bedroom unit has a price of P3.9 billion while bigger units at P5.8 million a unit.
"We would like to start within the year after we have awarded the contracts," Lieuson told reporters.
The residential condominium is expected to be delivered to owners by 2011 or three years from construction.
The selling point of One Pacific Place is its prime location in the heart of the Makati financial business district, which is known to house expatriates, professionals and diplomats.